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8-K: Cingulate Reports Third Quarter 2024 Financial Results Reflecting $19.5 Million Increase in Working Capital to Advance ADHD Drug to Market

SEC ·  Nov 7, 2024 12:48

Summary by Moomoo AI

Cingulate reported Q3 2024 financial results, highlighting a significant improvement in its financial position with $10 million in cash and a $19.5 million increase in working capital. The company raised approximately $12.5 million in capital during Q3, extending its cash runway into Q3 2025. R&D expenses decreased to $1.4 million from $3.9 million YoY, while net loss reduced to $3.2 million from $6.0 million.The company remains on schedule for mid-2025 NDA submission of its lead ADHD asset CTx-1301, with the final FDA-required food effect study initiated in September 2024. Cingulate strengthened its intellectual property portfolio by securing European patents for CTx-1301 in up to 30 territories, including the UK, alongside existing patents in Australia, Canada, and Israel.Notable corporate developments include regaining compliance with Nasdaq's minimum bid price requirement in September 2024. The company's working capital improved to $9.8 million as of September 30, 2024, with total liabilities decreasing by $8.8 million to $1.5 million, and stockholders' equity increasing by $18.9 million to $12.0 million compared to year-end 2023.
Cingulate reported Q3 2024 financial results, highlighting a significant improvement in its financial position with $10 million in cash and a $19.5 million increase in working capital. The company raised approximately $12.5 million in capital during Q3, extending its cash runway into Q3 2025. R&D expenses decreased to $1.4 million from $3.9 million YoY, while net loss reduced to $3.2 million from $6.0 million.The company remains on schedule for mid-2025 NDA submission of its lead ADHD asset CTx-1301, with the final FDA-required food effect study initiated in September 2024. Cingulate strengthened its intellectual property portfolio by securing European patents for CTx-1301 in up to 30 territories, including the UK, alongside existing patents in Australia, Canada, and Israel.Notable corporate developments include regaining compliance with Nasdaq's minimum bid price requirement in September 2024. The company's working capital improved to $9.8 million as of September 30, 2024, with total liabilities decreasing by $8.8 million to $1.5 million, and stockholders' equity increasing by $18.9 million to $12.0 million compared to year-end 2023.
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